中信证券在在11月21日发布的2026年展望中，提出A股将迈向"低波动慢牛"，"全球敞口"成为研判核心变量。报告指出，高境外敞口企业贡献了全A非金融 板块39%的利润和35%的市值，足以撬动整体行情。"十五五"期间中企在全球价值链中的定价权有望提升，成为慢牛基础。 来源：视觉中国 来源：视觉中国 11月21日，A股三大指数低开低走，其中上证指数跌破3900点，创业板指跌破3000点。 截至收盘，上证综指跌2.45%，报3834.89点；科创50指数跌3.19%，报1285.83点；深证成指跌3.41%，报12538.07点；创业板指跌4.02%，报2920.08点。沪深 两市成交额约19656.61亿元，较前一个交易日放量约2574.72亿元。全市场354只股票上涨、5072只股票下跌，其中33只涨停、99只跌停。 具体来看，中船系板块活跃，久之洋20CM涨停，中船防务涨超6%。电池板块全线走弱，天华新能、星源材质、宏工科技等跌超10%，德新科技跌停。能源 金属大幅调整，赣锋锂业、天齐锂业等数只个股跌停。硅能源板块调整，大为股份、晨光新材跌停。 本轮调整并非孤立现象，而是全球资本市场联动效应的体现。近期全球市 ...

而AI产业革命的大趋势并未改变，港股科技作为中国AI产业的核心资产，在美联储降息周期下有望迎 来外资回流，叠加南向资金的持续增持，科技板块未来可期。 每日经济新闻 恒生科技指数ETF（513180）聚焦港股市场AI主线，已连续4日调整；当前恒生科技指数的滚动市盈率 不到22倍，处于近5年22.56%分位数，估值水平处于历史低位。 当地时间11月19日，英伟达发布财报，2025年第三季度营收570.1亿美元，高于市场普遍预期的约550亿 美元，创下历史新高，环比增长22%，同比增幅达62%。 英伟达的业绩直接反映了全球科技巨头数千亿美元AI投资的真实回报，在近期AI泡沫的担忧下，英伟 达超预期的业绩有望大幅提振市场对于科技板块的信心。 ...

Group 1 - The Ministry of Industry and Information Technology has issued the "Guidelines for the Construction of High-Standard Digital Parks," aiming to establish around 200 high-standard digital parks by 2027 [1] - The guidelines emphasize the need to enhance digital infrastructure, upgrade network facilities, and promote the widespread application of identification and resolution systems [1] - The computing power sector has seen increased volatility recently, with a notable average increase of 48.11% in computing power concept stocks this year, and 19 stocks have seen price increases exceeding 100% [1] Group 2 - Shijia Photon has experienced a cumulative stock price increase of 387.68% this year, with its 400G and 800G optical chips becoming core revenue contributors due to the accelerating demand for data center construction driven by AI [2] - 17 computing power concept stocks have received significant QFII holdings, with several stocks like Chuling Information and Wankong Optoelectronics having QFII holdings exceeding 1% [2] - Jianqiao Technology has received 70 institutional research inquiries, indicating strong interest in its 1.6T optical module products, which are expected to achieve large-scale shipments by Q1 2026 [2] Group 3 - Chuling Information has been investigated by 15 institutions, showcasing its AI operation capabilities that enable network visibility and predictive maintenance, addressing current operational challenges while preparing for future digital upgrades [3] - Other QFII-heavy concept stocks like Taicheng Light, OmniVision Technologies, and Data Port are projected to see significant net profit growth in 2025, with expected increases of 64.92%, 33.5%, 29.32%, and 6.46% respectively [3]

Group 1: Policy and Market Outlook - The Ministry of Industry and Information Technology issued the "Guidelines for High-Standard Digital Park Construction," aiming to enhance digital infrastructure and optimize computing power resources by 2027, with a target of establishing around 200 high-standard digital parks [1] - The policy shift from "construction" to "optimization and application" indicates future investment opportunities will focus on improving computing efficiency and enabling diverse computing applications, rather than just hardware deployment [1] - The current market analysis suggests that despite recent fluctuations in the computing power sector, major institutions view this as a strategic opportunity for future investments, driven by sustained AI demand [2] Group 2: Market Performance and Investment Trends - The computing power sector has seen an average stock price increase of 49.66% this year, with 21 stocks, including Shijia Photon and New Yisheng, experiencing over 100% growth [3] - Shijia Photon, the top performer, has seen a 391.04% increase in stock price, attributed to its successful application of 400G and 800G optical chips in major markets [3] - Foreign institutional investors have heavily invested in 17 computing power stocks, indicating strong confidence in the sector's future, with companies like Jianqiao Technology and Sanwang Communication receiving significant attention from both foreign and domestic research institutions [4]

Group 1: Stock Performance and Market Reactions - *ST Zhengping's stock price increased by 221.93% from September 1, 2025, to November 18, 2025, leading to a significant deviation from its fundamentals, prompting the company to conduct a trading review [1] - The stock will be suspended from trading starting November 19, 2025, with a maximum suspension period of 10 trading days [1] - The company has experienced 26 trading halts during the specified period due to abnormal stock price fluctuations [1] Group 2: Government Initiatives and Industry Outlook - The Ministry of Industry and Information Technology released the "High-Standard Digital Park Construction Guidelines," aiming to enhance digital infrastructure and promote the development of high-standard digital parks by 2027 [2] - The guidelines target the establishment of around 200 high-standard digital parks, ensuring comprehensive digital transformation of industrial enterprises within these parks [2] - The current AI-driven demand for computing power is expected to provide long-term support for the industry, despite recent market adjustments [2] Group 3: Performance of Computing Power Stocks - Computing power concept stocks have seen an average price increase of 49.66% this year, with 21 stocks rising over 100% [3] - Shijia Photon leads with a 391.04% increase in stock price, driven by the demand for high-bandwidth products in data centers [3] - 17 computing power stocks have received significant foreign investment, with several stocks having over 1% QFII holding ratio as of the end of Q3 [3] Group 4: Company Developments and Innovations - Sanwang Communication has been actively engaging with 38 institutions this month, showcasing its domestically produced industrial communication equipment tailored for the petrochemical industry [4] - The company has successfully passed testing requirements for its products, which are based on domestic chip technology and aim to achieve full compatibility across the supply chain [4]

Group 1 - The Ministry of Industry and Information Technology issued the "Guidelines for High-Standard Digital Park Construction," aiming to enhance digital infrastructure and optimize computing power resources by 2027 [3] - The goal is to establish around 200 high-standard digital parks, achieving full coverage of digital transformation for industrial enterprises and significantly improving management and service levels [3] - The computing power sector has seen increased volatility, but the demand driven by AI remains strong, presenting opportunities for investment [3] Group 2 - The average stock price of computing power concept stocks has risen by 49.66% this year, with 21 stocks increasing over 100% [6] - Shijia Photon leads with a 391.04% increase, driven by the demand for high-bandwidth products in data center construction [6] - 17 computing power concept stocks have received significant foreign investment, with several stocks having QFII holdings exceeding 1% [6][8] Group 3 - Sanwang Communication has been actively engaging with institutions, showcasing its domestically produced industrial communication equipment and achieving compatibility across the entire supply chain [7] - The company has passed testing requirements for its products in the power grid sector, indicating a successful transition to domestic alternatives [7]

本文字数：1541，阅读时长大约2分钟 2025.11.17 作者 |第一财经 安卓 今年以来，科技股多线爆发，推动创业板指领涨，区间最高涨幅（4月7日-10月30日）达90%。 不过，随着11月份以来科技主题轮动，曾经引领创业板指强势上涨的动能有所减弱，截至11月17日午间 收盘，创业板指本月最大回撤已接近8%。 创业板指前十大权重股中，算力产业链跌幅靠前，比如，中际旭创（300308.SZ）本月跌10.09%、胜宏 科技（300476.SZ）本月跌16.31%、新易盛（300502.SZ）本月跌16.96%。另外，"易中天"组合中的天孚 通信（300394.SZ）本月跌幅也近10%。 对于这段时间算力股的调整，市场普遍认为前期快速上涨后，算力板块已累积较大涨幅，以及部分资金 可能转向"高切低"策略。 民生加银基金研报认为，在基金三季报中，TMT持仓占比接近40%创历史新高，超配比例也来至历史较 高位，TMT板块成交额占比基本也来到历史高位，短期持仓、交易热度和股价都来到了一个高位，机 构投资者年底保收益约束下，市场风格从前期的科技成长风格切换至红利、顺周期等相对低位板块，资 金高低切导致市场下跌。 创业板 ...

Core Viewpoint - The recent performance of the CSI 500 Quality Growth Index shows a decline, with specific stocks leading gains and losses, indicating market volatility and sector-specific movements [1][2]. Group 1: Market Performance - As of November 17, 2025, the CSI 500 Quality Growth Index (930939) decreased by 1.26%, with Jiuli Special Materials (002318) leading the gainers and Shanghai Electric (600021) leading the decliners [1]. - The CSI 500 Quality Growth ETF (560500) experienced a turnover rate of 0.46%, with a trading volume of 2.1469 million yuan [1]. Group 2: Sector Analysis - CITIC Securities noted increased volatility in the computing power sector, emphasizing the ongoing AI industrial revolution and the need for a long-term perspective on its impact [2]. - Quantum technology is highlighted as a key future industry, with recent advancements such as the joint development of a superconducting quantum computer by China Telecom Quantum Group and Guoshield Quantum [2]. Group 3: Fund and Index Composition - The CSI 500 Quality Growth Index selects 100 companies from the CSI 500 Index based on profitability, sustainability, and cash flow, providing diverse investment options [2]. - As of October 31, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 21.64% of the index, with Huagong Technology (000988) having the highest weight at 3.37% [3][5].

Core Viewpoint - The 2026 Capital Market Summit highlighted that 2026 will be a year of solidifying foundations and comprehensive efforts, with a focus on innovation, domestic demand, and a more proactive fiscal and monetary policy environment [2] Economic Outlook - GDP growth is expected to remain around 5% in 2026, supported by policy support, stable domestic demand, and industrial upgrades [3] - The monetary policy is anticipated to be in a loosening cycle, with a potential 50 basis points decrease in the reserve requirement ratio and continued interest rate cuts [3] Market Trends - The "slow bull" market trend is expected to continue from now until 2026, driven by the "new four bulls" concept, which includes capital inflow, technological innovation, institutional reform, and consumption upgrades [4] - The Chinese stock market is projected to gradually shift upward as it enters the "new four bulls" ascending corridor [4] Investment Opportunities - Key sectors for medium to long-term investment include AI, semiconductors, computers, primary products, small metals, new energy, high-end manufacturing, humanoid robots, and low-altitude economy [5] - In the bond market, a loosening monetary policy is expected to lead to a downward trend in yields over the long term [5] Global Asset Focus - Attention should be paid to the trajectory of the technological industrial revolution, with U.S. tech capital expenditure serving as a key indicator [6] - If the tech cycle remains in an expansion phase, assets like copper may perform well, while safe-haven assets like U.S. Treasuries and gold may face pressure [6] Real Estate Insights - The real estate market is expected to transition from a financial product to a consumer good, drawing parallels with Japan's aging population and housing market dynamics [8] AI Industry Revolution - The ongoing AI industrial revolution is anticipated to have profound impacts, with significant demand for computing power and applications expected [9] Humanoid Robots Market - The humanoid robot industry is still in its early stages, with significant valuation potential as it develops [10] - The market for humanoid robots could reach trillion-dollar valuations, with ongoing competition expected to reshape the industry landscape [10]

AI革命真实不虚，但通往终局的地图，连绘制它的人都一无所知。近日，Yann LeCun、李飞飞、黄仁勋、Geoffrey Hinton、Bill Dally，以及 Yoshua Bengio六位AI领域的顶尖人物，因共获伊丽莎白女王工程奖而齐聚一堂，展开了一场关于人工智能的巅峰对话。 人类群星闪耀之时！ 当这6个人聚在一起，坐而论道的时候，你就知道事情并不简单！ 这一次访谈非常宝贵，能把这6位AI天团巨佬凑在一起。 本周，英伟达CEO黄仁勋、Meta首席AI科学家Yann LeCun，以及顶尖计算机科学家Yoshua Bengio、Geoffrey Hinton、李飞飞和Bill Dally共同荣获本年度 伊丽莎白女王工程奖。 在这次访谈中，大佬们各自分享了自己职业生涯中的顿悟时刻。 这些「啊哈」时刻不仅给他们指明了研究方向，也彻底改变了人类社会科技的前进方向。 并且这次6个人都围绕一个核心问题展开激辩： 思想的火花，在40年前就已点燃。 AI教父Geoffrey Hinton回忆起1984年，他用当时极其简陋的计算机，训练一个微型模型来预测序列中的下一个词。 「我发现它竟然能学到词语的含义！」他说。 我们人 ...